Singaporean youth transferring back with dad and mom as a result of skyrocketing rents

Singapore sees rising rents amidst the COVID-19 pandemic, forcing some young tenants to return to their parent’s properties or face soaring rental fees. Since the onset of the pandemic, the number of Singaporeans and permanent citizens under 35 years old residing alone elevated from 15,900 in 2019 to 25,000 in 2020. However, Cancel anytime from the Urban Redevelopment Authority and 99. co and SRX reveal a near 30% increase in renting prices for personal residential properties, enabling a 26.8% rise in Housing Board (HDB) flat costs.
Some young tenants, like marketing consultant Yeon Jun Lin, a 30-year-old man, have opted to relocate back to their parent’s houses as rental costs climbed. With costs sometimes doubling, many are selecting “logical decisions” over-emotional independence. Rising rental costs primarily impact singles who now face a stiff monetary challenge in maintaining an unbiased dwelling area.
Alan Cheong, head of analysis and consultancy at Savills Singapore, acknowledges affordability issues, with some singles forced to move again residence due to skyrocketing rents, while others flip to co-living areas or shared renting arrangements. Christine Sun, senior vice president of analysis and analytics at OrangeTee & Tie, says that while the numbers aren’t substantial, extra local singles are moving again in with their families. These decisions are pushed by changing rental prices, rising work travel, and an eventual raise to COVID-19 restrictions.
Digital advertising specialist Alicia Kho pays US$1,one hundred a month for a room she calls her personal, an expense that has not deterred her from renting. Sneak peek : “I can confidently say that it’s probably the greatest decisions I’ve made in my life.” Co-living spaces are nonetheless appealing to younger adults who recognize the benefits of unbiased dwelling..

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